POLITICS: Mitt Romney will not run in 2016 election

Mr Mitt Romney, the Republican beaten by President Obama in the US 2012 election, has decided he will not run for president again.

Mr Romney said he had decided it was "best to give other leaders in the party the opportunity to become our next nominee".

His statement comes weeks after a surprise announcement saying he was considering another bid.

The decision not to run frees up donors to support other Republican candidates.

Mr Mitt Romney's campaign raised more than $1bn (£666m) in the 2012 election, when he unsuccessfully challenged President Obama.

Romney also lost the 2008 Republican presidential nomination to Senator John McCain.